After revealing its intention to sell several of its snacking brands back in April of this year, Kellogg Company has announced that it has officially closed the sale. Keebler cookies and other selected business have been acquired by the Ferrero Group and its related companies in a $1.3 billion cash transaction.
"This sale strengthens our ability to focus on the areas of our business with the biggest growth opportunities, which is a key component of our Deploy for Growth Strategy," said Steve Cahillane, Kellogg's Chairman and CEO.
The transaction includes brands and assets primarily related to select cookie and snack brands that used to belong to Kellogg’s catalogue. According to a press release, Keebler®, Mother's®, Famous Amos®, Murray's®, and Murray's Sugar Free®, and cookies manufactured for Girl Scouts of the United States of America were all included in the sale, along with Kellogg’s Fruity Snacks fruit-flavored snacks, Stretch Island fruit Strips, pie crusts, and ice cream cones businesses.
"On behalf of the entire Kellogg family, I'd like to thank our departing colleagues for their many contributions to our business over the years," Cahillane continued. "We wish them the very best as they embark on an exciting future."
Kellogg will retain the rest of its North America snacking businesses, including its salty snacks, crackers, wholesome snacks, and toaster pastries brands.
For more notable industry sales, keep reading Deli Market News.
